The Anti-EU Lega and anti-establishment Five Star Movement have already agreed on a coalition and will seek formal permission to form a government from Italian President Sergio Mattarella this afternoon.

The coalition, which has already stated its aim to ignore EU rulings which don't dovetail with its own aims, is Brussels worst nightmare -- and makes Britain's Brexit vote look like a minor Euro-policy hiccup.

The round of talks between the two parties which took place during the weekend has seen Lega's Matteo Salvini and Five Star's Luigi Di Maio drafting their "Contract for the Government of Change", which include a series of expensive economic promises and disruptive political changes.

Their plan, which would come at a combined estimated cost of £110billion (€124.5bn), includes a flat tax as low as 15 percent, a guaranteed income for the poor and a lower retirement age, currently set between 63-65.

Implementing these measures would see Italy's deficit skyrocket well above the targets agreed with the EU.